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Bitcoin's halving is less than a day away, but the leading cryptocurrency's price isn't showing much strength ahead of the four-year event. Bitcoin price fell below $60,000 late Thursday for the first time since late February, falling to $59,573 on crypto exchange Coinbase.
The latest dip extends Bitcoin's recent losing streak, bringing its weekly streak close to 14%. Bitcoin's price is now down 18% since hitting a high of $73,737 a month ago.
Following the sudden drop, the price of Bitcoin has recently recovered slightly to $60,945. It's still down more than 1% on the previous day, but has fallen below $60,000 in less than two hours after trading above $63,000.
Thursday's slide coincided with another geopolitical conflict: explosions near a military base in Iran in the last hour, according to news outlets. A US official told CNN that Israel had struck Iran.
While details were scarce at the press conference, the reported conflict follows Iran's missile and drone attacks on Israel last Saturday. Crypto prices have similarly dropped in the past weekend's events.
Other top coins like Ethereum and Solana have also fallen sharply in the last couple of hours, but have started to bounce back.
The event, which takes place roughly every four years, could dampen the excitement of Friday's Bitcoin halving, which will halve the BTC reward for miners. The move is largely attributed to the rise in bitcoin prices due to supply constraints.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
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